Investment in Cenovus Energy

12 Months Ended

Dec. 31, 2021

Investment In Cenovus Energy [Abstract]

Investment in Cenovus Energy

Note 5—Investment in Cenovus Energy

Our investment in Cenovus Energy (CVE) common shares is carried on our balance sheet at fair value.

December 31

2021

2020

Number of shares of CVE common stock (millions)

91

208

Ownership of issued and outstanding common stock

4.5

%

16.9

Closing price on NYSE on last trading day ($/share)

$

12.28

6.04

Fair Value (millions of dollars)

$

1,117

1,256

During 2021, we began to dispose of CVE shares, selling

117

 million shares during the year, recognizing proceeds of

$

1.18

 billion, $

1.14

 billion of which was received during the year. Proceeds related to the sale of our CVE shares

are presented within “Cash Flows from Investing Activities” on our consolidated statement of cash flows. Subject

to market conditions, we intend to continue to decrease our investment. 

All gains and losses are recognized within “Other income (loss)” on our consolidated income statement.

Millions of Dollars

2021

2020

2019

Total Net gain (loss) on equity securities

$

1,040

(855)

649

Less: Net gain (loss) on equity securities sold during the period

473

Unrealized gain (loss) on equity securities still held at

 the reporting date

$

567

(855)

649